Metrobank prices sub debt deal

The Philippines largest bank returns to the subordinated debt markets to re-finance a high coupon deal.

Lead manager UBS priced a $130 million 10 non-call five transaction for Metrobank on Tuesday. The lower tier 2 came the same day that Moody's changed its outlook on the Philippines from stable to negative. However, given the news had been expected by the market for some time, spreads only widened about 5bp to 10bp and the Ba1-rated bank's order book stood firm at two times covered.